Cadwalader, RUPA and Fiduciary Duty
Donald J. Weidner
Florida State University College of Law
November 18, 2016
54 Washington and Lee Law Review 877 (1997)
In the summer of 1996, a state trial court applied the Uniform Partnership Act (UPA} to a national law firm's closure of a branch office. In Beasley v. Cadwalader, Wickersham & Taft, the court ordered an old-line Wall Street firm to pay more than $3.5 million in damages and attorneys' fees, including $500,000 in punitive damages, for violating its fiduciary duty by wrongfully expelling a partner in its Palm Beach office. The Cadwalader opinion is disappointing because it does not address the fundamental issue suggested by the facts, which is whether there was a rightful dissolution and reformation of an at-will law partnership. This article will explore that issue and the extent to which situations like Cadwalader are analyzed differently under the Revised Uniform Partnership Act (RUPA).
Number of Pages in PDF File: 46
Date posted: November 19, 2016